With the broader theatrical market managing a better recovery than predicted, if not quite returning to 2019 just yet, will we continue to see streamers play nice with theatrical releases? The US’s third-largest theater chain, Cinemark, appears confident it will succeed despite a dull year-end release slate. Brandon Blake, entertainment attorney at Blake & Wang P.A, looks closer.
COVID Delays
We may be officially out of the pandemic era, but that doesn’t mean the shut sets and stalled release deadlines it caused are entirely recovered yet. Until the content pipelines are flowing normally once again, a true Box Office recovery will remain tantalizingly out of reach- as the dull fall slate demonstrates all too well. However, if there’s one thing the powerful summer Box Office showed this year, it’s that a joint streaming-theatrical release schedule brings better promotional and financial value to the table for films.
Three Cornerstones
A robust theatrical market hinges on three key cornerstones- consumer interest, film availability, and the perceived value of theatrical releases to those providing the films. It is abundantly clear that consumer interest in the theatrical experience is still strong. Film availability is beginning to stabilize, although COVID-related production lags still hamper the market a little. So the only remaining stumbling block is the last- perceived value.
And that’s looking strong, too, with even Netflix revisiting its limited Oscar-bait release only model. Until the actual flow of content from production house to cinema strengthens, however, it’s proving difficult to build momentum in this sector. So keeping that idea of a joint effort strong in the minds of producers and studios will remain a key hurdle to overcome in the coming years if the theatrical market is to make a true, final, and solid recovery. Judging by their comments on their latest earnings call, Cinemark, at least, believes it is a hurdle that can be combated. We certainly hope so.
